The Federal Government, as part of its economic stimulus plan, is considering a reduction in the income tax rates payable by Small, Micro and Medium Enterprises in the country.
The reduction in tax rates is part of the recommendations presented to the Minister of Finance, Mrs. Kemi Adeosun, by the 12-member committee to review the current National Tax Policy.
The committee, headed by Prof. Abiola Sanni of the University of Lagos, was given the assignment on August 10 and submitted its report to the minister on Thursday.
A statement from the ministry said the reduction in income tax rates for small-scale businesses would help to encourage more start-ups in the sector as well as boost the profitability of the existing ones.
The move is also expected to generate new jobs and make higher contribution to the Gross Domestic Product.
The statement read in part, “The committee noted that lowering the taxes payable by Small, Micro and Medium Enterprises would encourage compliance, promote the growth of SMMEs and expand the manufacturing base of the nation through their activities.
“Another recommendation suggested for implementation relates to the abolition of minimum tax, which results in loss-making companies been required to pay tax.”
The statement said the Finance minister assured the committee that a team would be set up to implement its recommendations through administrative measures without delay.
She added those that required legislation would be forwarded to the Federal Executive Council for consideration.
“We need to deal with legislation that need to be changed. Nigeria cannot afford to be running with antiquated tax laws,” Adeosun noted.
The committee also recommended the enactment of a number of amendments to the current tax legislation, including the one relating to the taxation of Real Estate Investment Trusts.
The committee’s recommendation read in part, “In other climes, a REIT is seen as a transparent or flow through entity that is not different and separate from its unit holders/investors.
“The income of the REIT is treated as the income of the unit holders or investors and therefore taxed at that level rather than the current provisions, which amount to double taxation.”
Earlier in his remarks, Sanni said that the report contained some innovations in terms of suggestions, including 20 implementation strategies.
“We believe that at the end of the day if the recommendations contained in this report are implemented, Nigeria will witness a transformation of the economy as a whole,” he concluded.
Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others
Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.
Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director
Seun Suleiman is the New Managing Director of Siemens Energy Nigeria
Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.
According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.
Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.”
Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.
The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.
“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.”
It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.
FG Reopens Osubi Airport Warri for Daylight Operations
FG Reopens Osubi Airport Warri for Daylight Operations
The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.
The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.
The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.
However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.
On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.”
I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth. 🇳🇬🙏🏽🇳🇬
— Hadi Sirika (@hadisirika) March 1, 2021
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